Intrinsic value of Public Storage - PSA

Previous Close

$208.94

  Intrinsic Value

$28.46

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+94%

Previous close

$208.94

 
Intrinsic value

$28.46

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+94%

Our model is not good at valuating stocks of financial companies, such as PSA.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 36.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.51
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  2,561
  2,704
  2,854
  3,011
  3,175
  3,346
  3,525
  3,712
  3,909
  4,114
  4,329
  4,555
  4,791
  5,039
  5,299
  5,571
  5,856
  6,156
  6,470
  6,799
  7,144
  7,507
  7,887
  8,286
  8,705
  9,144
  9,605
  10,089
  10,597
  11,130
  11,690
Variable operating expenses, $m
 
  543
  572
  602
  634
  667
  702
  738
  776
  816
  858
  884
  930
  978
  1,029
  1,082
  1,137
  1,195
  1,256
  1,320
  1,387
  1,458
  1,531
  1,609
  1,690
  1,775
  1,865
  1,959
  2,058
  2,161
  2,270
Fixed operating expenses, $m
 
  705
  723
  741
  759
  778
  798
  818
  838
  859
  881
  903
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,156
  1,184
  1,214
  1,244
  1,276
  1,307
  1,340
  1,374
  1,408
  1,443
Total operating expenses, $m
  1,186
  1,248
  1,295
  1,343
  1,393
  1,445
  1,500
  1,556
  1,614
  1,675
  1,739
  1,787
  1,855
  1,926
  2,001
  2,078
  2,158
  2,242
  2,329
  2,420
  2,514
  2,614
  2,715
  2,823
  2,934
  3,051
  3,172
  3,299
  3,432
  3,569
  3,713
Operating income, $m
  1,375
  1,457
  1,560
  1,668
  1,781
  1,900
  2,025
  2,156
  2,294
  2,439
  2,591
  2,768
  2,936
  3,112
  3,298
  3,493
  3,698
  3,914
  4,140
  4,379
  4,630
  4,894
  5,171
  5,463
  5,770
  6,093
  6,433
  6,790
  7,166
  7,561
  7,977
EBITDA, $m
  1,808
  1,922
  2,050
  2,184
  2,324
  2,472
  2,626
  2,788
  2,959
  3,137
  3,325
  3,522
  3,729
  3,946
  4,175
  4,415
  4,667
  4,933
  5,211
  5,504
  5,813
  6,136
  6,477
  6,835
  7,211
  7,607
  8,023
  8,460
  8,920
  9,404
  9,912
Interest expense (income), $m
  0
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  98
Earnings before tax, $m
  1,460
  1,443
  1,545
  1,651
  1,763
  1,881
  2,004
  2,133
  2,269
  2,412
  2,562
  2,737
  2,902
  3,077
  3,260
  3,452
  3,655
  3,868
  4,091
  4,327
  4,575
  4,835
  5,109
  5,397
  5,700
  6,019
  6,355
  6,707
  7,078
  7,469
  7,879
Tax expense, $m
  0
  390
  417
  446
  476
  508
  541
  576
  613
  651
  692
  739
  784
  831
  880
  932
  987
  1,044
  1,105
  1,168
  1,235
  1,305
  1,379
  1,457
  1,539
  1,625
  1,716
  1,811
  1,911
  2,017
  2,127
Net income, $m
  1,454
  1,053
  1,128
  1,205
  1,287
  1,373
  1,463
  1,557
  1,656
  1,761
  1,870
  1,998
  2,119
  2,246
  2,380
  2,520
  2,668
  2,823
  2,987
  3,159
  3,339
  3,530
  3,730
  3,940
  4,161
  4,394
  4,639
  4,896
  5,167
  5,452
  5,752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,130
  10,523
  11,106
  11,715
  12,352
  13,019
  13,716
  14,445
  15,209
  16,009
  16,846
  17,724
  18,643
  19,607
  20,617
  21,676
  22,787
  23,952
  25,173
  26,455
  27,799
  29,209
  30,689
  32,241
  33,870
  35,580
  37,374
  39,258
  41,234
  43,309
  45,487
Adjusted assets (=assets-cash), $m
  9,946
  10,523
  11,106
  11,715
  12,352
  13,019
  13,716
  14,445
  15,209
  16,009
  16,846
  17,724
  18,643
  19,607
  20,617
  21,676
  22,787
  23,952
  25,173
  26,455
  27,799
  29,209
  30,689
  32,241
  33,870
  35,580
  37,374
  39,258
  41,234
  43,309
  45,487
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  8,778
  9,268
  9,781
  10,318
  10,879
  11,466
  12,080
  12,722
  13,395
  14,099
  14,837
  15,610
  16,420
  17,269
  18,158
  19,091
  20,069
  21,095
  22,171
  23,300
  24,483
  25,725
  27,029
  28,396
  29,831
  31,337
  32,917
  34,576
  36,317
  38,144
  40,062
Working capital, $m
  0
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -401
  -422
  -443
  -466
  -490
  -514
  -540
  -568
  -597
  -627
  -658
  -692
  -726
  -763
  -801
  -842
Total debt, $m
  391
  431
  473
  516
  562
  610
  661
  713
  768
  826
  886
  949
  1,015
  1,085
  1,157
  1,234
  1,314
  1,398
  1,485
  1,578
  1,675
  1,776
  1,883
  1,994
  2,112
  2,235
  2,364
  2,500
  2,642
  2,791
  2,948
Total liabilities, $m
  718
  758
  800
  843
  889
  937
  988
  1,040
  1,095
  1,153
  1,213
  1,276
  1,342
  1,412
  1,484
  1,561
  1,641
  1,725
  1,812
  1,905
  2,002
  2,103
  2,210
  2,321
  2,439
  2,562
  2,691
  2,827
  2,969
  3,118
  3,275
Total equity, $m
  9,412
  9,765
  10,306
  10,872
  11,463
  12,081
  12,728
  13,405
  14,114
  14,856
  15,633
  16,448
  17,301
  18,195
  19,133
  20,116
  21,146
  22,227
  23,361
  24,550
  25,797
  27,106
  28,479
  29,920
  31,432
  33,018
  34,683
  36,431
  38,265
  40,191
  42,212
Total liabilities and equity, $m
  10,130
  10,523
  11,106
  11,715
  12,352
  13,018
  13,716
  14,445
  15,209
  16,009
  16,846
  17,724
  18,643
  19,607
  20,617
  21,677
  22,787
  23,952
  25,173
  26,455
  27,799
  29,209
  30,689
  32,241
  33,871
  35,580
  37,374
  39,258
  41,234
  43,309
  45,487
Debt-to-equity ratio
  0.042
  0.040
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,454
  1,053
  1,128
  1,205
  1,287
  1,373
  1,463
  1,557
  1,656
  1,761
  1,870
  1,998
  2,119
  2,246
  2,380
  2,520
  2,668
  2,823
  2,987
  3,159
  3,339
  3,530
  3,730
  3,940
  4,161
  4,394
  4,639
  4,896
  5,167
  5,452
  5,752
Depreciation, amort., depletion, $m
  433
  465
  490
  516
  543
  571
  601
  632
  665
  699
  734
  754
  793
  834
  877
  922
  970
  1,019
  1,071
  1,126
  1,183
  1,243
  1,306
  1,372
  1,441
  1,514
  1,590
  1,670
  1,754
  1,843
  1,935
Funds from operations, $m
  2,029
  1,519
  1,618
  1,721
  1,830
  1,944
  2,064
  2,189
  2,321
  2,459
  2,604
  2,752
  2,912
  3,080
  3,257
  3,442
  3,637
  3,842
  4,058
  4,284
  4,522
  4,772
  5,035
  5,312
  5,602
  5,908
  6,229
  6,567
  6,922
  7,295
  7,687
Change in working capital, $m
  84
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
Cash from operations, $m
  1,945
  1,529
  1,628
  1,733
  1,842
  1,957
  2,077
  2,203
  2,335
  2,474
  2,620
  2,768
  2,929
  3,098
  3,276
  3,462
  3,658
  3,864
  4,080
  4,308
  4,547
  4,798
  5,063
  5,340
  5,632
  5,939
  6,262
  6,602
  6,958
  7,333
  7,728
Maintenance CAPEX, $m
  0
  -424
  -448
  -473
  -498
  -526
  -554
  -584
  -615
  -647
  -681
  -717
  -754
  -793
  -834
  -877
  -922
  -970
  -1,019
  -1,071
  -1,126
  -1,183
  -1,243
  -1,306
  -1,372
  -1,441
  -1,514
  -1,590
  -1,670
  -1,754
  -1,843
New CAPEX, $m
  -768
  -491
  -513
  -537
  -561
  -587
  -614
  -643
  -673
  -704
  -738
  -773
  -810
  -849
  -890
  -933
  -978
  -1,026
  -1,076
  -1,129
  -1,184
  -1,242
  -1,303
  -1,367
  -1,435
  -1,506
  -1,580
  -1,659
  -1,741
  -1,827
  -1,918
Cash from investing activities, $m
  -717
  -915
  -961
  -1,010
  -1,059
  -1,113
  -1,168
  -1,227
  -1,288
  -1,351
  -1,419
  -1,490
  -1,564
  -1,642
  -1,724
  -1,810
  -1,900
  -1,996
  -2,095
  -2,200
  -2,310
  -2,425
  -2,546
  -2,673
  -2,807
  -2,947
  -3,094
  -3,249
  -3,411
  -3,581
  -3,761
Free cash flow, $m
  1,228
  614
  667
  724
  782
  844
  909
  977
  1,048
  1,123
  1,201
  1,279
  1,365
  1,456
  1,552
  1,652
  1,758
  1,869
  1,985
  2,108
  2,238
  2,374
  2,517
  2,667
  2,826
  2,993
  3,168
  3,353
  3,547
  3,752
  3,967
Issuance/(repayment) of debt, $m
  77
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
Issuance/(repurchase) of shares, $m
  299
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  357
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
Total cash flow (excl. dividends), $m
  1,585
  654
  709
  767
  828
  892
  959
  1,029
  1,103
  1,180
  1,261
  1,342
  1,431
  1,525
  1,624
  1,728
  1,838
  1,952
  2,073
  2,201
  2,334
  2,475
  2,623
  2,779
  2,943
  3,116
  3,297
  3,488
  3,689
  3,901
  4,124
Retained Cash Flow (-), $m
  -241
  -537
  -541
  -565
  -591
  -618
  -647
  -677
  -709
  -742
  -777
  -814
  -853
  -894
  -938
  -983
  -1,031
  -1,081
  -1,134
  -1,189
  -1,247
  -1,309
  -1,373
  -1,441
  -1,512
  -1,587
  -1,665
  -1,748
  -1,834
  -1,925
  -2,021
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  301
  168
  202
  237
  274
  312
  352
  394
  438
  484
  527
  578
  631
  687
  745
  807
  872
  940
  1,011
  1,087
  1,166
  1,250
  1,338
  1,431
  1,529
  1,632
  1,741
  1,855
  1,976
  2,103
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  288
  154
  176
  195
  212
  227
  238
  246
  252
  254
  250
  247
  240
  231
  219
  205
  190
  173
  156
  138
  121
  104
  88
  73
  59
  48
  37
  29
  22
  16
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Public Storage is an equity real estate investment trust. It invests in real estate markets of United States and Europe. The firm acquires, develops, owns, and operates self-storage facilities which offer storage spaces for lease on a month-to-month basis, for personal and business use. It also reinsures policies against losses to goods stored by customers in self-storage facilities, and sell merchandise, primarily locks and cardboard boxes. The firm was formerly known as Public Storage Inc. Public Storage was founded in 1971 and is based in Glendale, California.

FINANCIAL RATIOS  of  Public Storage (PSA)

Valuation Ratios
P/E Ratio 24.9
Price to Sales 14.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.2%
Total Debt to Equity 4.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 73.9%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 53.7%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 57%
Pre-Tax Margin - 3 Yr. Avg. 55.1%
Net Profit Margin 56.8%
Net Profit Margin - 3 Yr. Avg. 54.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.6%

PSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSA stock intrinsic value calculation we used $2561 million for the last fiscal year's total revenue generated by Public Storage. The default revenue input number comes from 2016 income statement of Public Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSA stock valuation model: a) initial revenue growth rate of 5.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSA is calculated based on our internal credit rating of Public Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSA stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $688 million in the base year in the intrinsic value calculation for PSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Public Storage.

Corporate tax rate of 27% is the nominal tax rate for Public Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSA are equal to 342.7%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Public Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSA is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9412 million for Public Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 172.851 million for Public Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Storage at the current share price and the inputted number of shares is $36.1 billion.

RELATED COMPANIES Price Int.Val. Rating
CUBE CubeSmart 24.12 2.31  str.sell
EXR Extra Space St 78.97 4.48  str.sell
LSI Life Storage 74.33 11.24  str.sell
NSA National Stora 22.66 3.35  str.sell
PSB PS Business Pa 129.52 15.03  str.sell
BLK BlackRock 428.65 1,367.78  str.buy
CNS Cohen&Steers 41.42 58.57  buy

COMPANY NEWS

▶ New Humble, Texas, Storage Units Opened at Public Storage   [Jul-24-17 08:48PM  Business Wire]
▶ What Lies Ahead for Public Storage in 2Q17   [07:41AM  Market Realist]
▶ ETFs with exposure to Public Storage : July 14, 2017   [Jul-14-17 04:23PM  Capital Cube]
▶ Public Storage: Buy the Dip?   [Jul-06-17 07:41AM  Motley Fool]
▶ 2 Great Stocks You Can Buy and Hold Forever   [Jun-28-17 08:42AM  Motley Fool]
▶ How Analysts View Public Storage   [07:36AM  Market Realist]
▶ How the Pro-American Environment Boosts Self-Storage   [Jun-26-17 10:37AM  Market Realist]
▶ [$$] Self-Storage Startups Offer Pickup and Delivery   [Jun-21-17 01:02AM  The Wall Street Journal]
▶ Clutter raises $64 million for on-demand storage   [Jun-14-17 02:41PM  American City Business Journals]
▶ How To Find Bargain REITs With 250% Upside   [Jun-08-17 08:38AM  Forbes]
▶ Why REIT Income Investors Buy Preferred Stocks   [May-31-17 10:28PM  Forbes]
▶ Simon Property Group: A Must-Know Overview   [May-18-17 09:07AM  Market Realist]
▶ Public Storage Is Ripe for the Picking   [May-10-17 01:00PM  TheStreet.com]
▶ Public Storage reports 1Q results   [Apr-26-17 07:06PM  Associated Press]
▶ Public Storage Powers Higher and Stays There   [01:46PM  TheStreet.com]
▶ A Look at Investing in Storage REITs   [Apr-04-17 12:24PM  Investopedia]
▶ How to Make Money Off American's Love of Clutter   [Apr-01-17 11:21AM  Motley Fool]
▶ It's The Best Time To Buy These REITs Since 2009   [Mar-21-17 02:30PM  at Forbes]
▶ Is Now a Good Time to Invest in Public Storage?   [Mar-03-17 10:10AM  at Motley Fool]
▶ Public Storage Adds New Member to Board of Trustees   [Feb-22-17 08:51PM  Business Wire]
▶ Public Storage Announces Tax Treatment of 2016 Dividends   [Jan-17-17 07:49PM  Business Wire]
▶ If You Like Dividends, You Should Love These 2 Stocks   [Jan-15-17 09:41AM  at Motley Fool]
▶ No More Moats in Self-Storage Stocks   [Jan-13-17 07:00AM  at Morningstar]
▶ 2016's Leading Loser REITs That are Now Worth a Look   [Jan-10-17 12:24PM  at Motley Fool]
▶ 2 High-Dividend Stocks to Buy If the Dow Hits 20,000   [Dec-21-16 10:22AM  at Motley Fool]
Stock chart of PSA Financial statements of PSA Annual reports of PSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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